Pune, India, Dec. 22, 2021 (GLOBE NEWSWIRE) -- The global electric truck market was estimated to value USD 670 million in 2021 and is projected to grow at a CAGR of 23.5% during the forecast period 2021 to 2030, as per a recent comprehensive market study by Quince Market Insights.
Electric trucks are the commercially used and are powered by a battery pack, these trucks are mainly used to transport cargo. Additionally, electric trucks have rare moving parts and do not need multi-speed gearboxes, which drops vehicle maintenance prices and upsurges consistency with minimum noise.
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Surging demand in the logistics segment, decrease in the fuel and maintenance prices and incentives for adopting zero-emission vehicle are some of the major factors propelling the market growth.
Thus, massive capitalization from manufacturers to cater to the surging demand will play a vital role in propelling market growth. Electric trucks are used across numerous segments, such as logistics, municipal, and other parts.
The logistics segment is a major contributor to economies. Development in the e-commerce industry may need a logistics worker to deliver to remote locations. Logistics/supply chain corporations are vigorously contributing to substituting internal combustion engine fleets with electric fleets.
On the other hand, lack of charging infrastructure is expected to hamper the development of electric...
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